Reuters reported that Chinese steel and iron ore futures extended gains steadying after steep price falls in recent weeks amid a pick-up in spot purchases of the raw material, although the upside appears limited.

The most active rebar for October settlement on the Shanghai Futures Exchange rose to a session high of CNY 3,156 per tonne, its highest in more than a week. It traded 0.4% higher at CNY 3,137 by the midday break after touching an all time low of CNY 3,055 on May 21.

Benchmark iron ore futures on the Dalian Commodity Exchange traded 0.3% higher at CNY 720 by the midday break. The contract fell to CNY 695 last week, the lowest since it was launched in October last year.